Einar Volsett

We're doing SPVs.

We haven't really focused on two, but I think that's what we'll still do.

I think effectively what we're looking to do is make our money doing our primary business.

We're sort of similar to YC in that we're looking to effectively index broadly into the market.

And I don't think... And you saw now with YC changing their policy on follow-on investment stuff.

There's definitely some PR flack.

And I don't even necessarily know that the returns are as great for YC in that kind of an investment compared to their main fund.

So realistically... And there's obviously some signaling risk too.

It's like...

Oh, I see.

They follow on a bunch of stuff, except you.

Why not?

And so we worry about that.

And I think we're likely to stick with this structure.

That's like, okay, we're going to focus on what we're good at, which is picking these very early stage companies, guiding them to profitability or to a point where if they wanted to go and get raised VC, they can do that.

Um, but then say, okay, we'll have a provider, right?

But effectively our LP base, we extend that right to the LP base and they come in as they want.

I mean, the math is pretty straightforward.

The math is like, okay, what's the net margin on a B2B SaaS business north of 2 million?

30%, 40%, maybe 50% sometimes.